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TRUST II0000763852false2013-06-262013-07-012013-07-01<b>The Fund&#8217;s Objective </b>The Fund seeks high current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value <br/>of your investment)</b><b>Example </b><b>JPMorgan Ohio Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Morgan/JOMXX </b><b>The Fund&#8217;s Objective </b>The Fund seeks as high a level of current interest income exempt from federal income tax and Ohio personal income tax as is consistent with capital preservation and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>JPMorgan Michigan Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Morgan/MMJXX</b><b>The Fund&#8217;s Objective</b><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>The Fund seeks as high a level of current interest income exempt from federal income tax and Michigan personal income tax as is consistent with capital preservation and stability of principal.<b>Fees and Expenses of the Fund</b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>JPMorgan U.S. Treasury Plus Money Market Fund<br/><br/>Class/Ticker: Morgan/MJTXX; B/OTBXX; C/OTCXX</b><b>The Fund&#8217;s Objective</b>The Fund seeks current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund</b><b>JPMorgan Liquid Assets Money Market Fund</b><br/><br/><b>Class/Ticker: Premier/PJLXX</b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>The Fund&#8217;s Objective</b><b>SHAREHOLDER FEES (Fees paid directly from your investment)</b>The Fund seeks current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund</b><b>JPMorgan U.S. Government Money Market Fund</b><br/><br/><b>Class/Ticker: Morgan/MJGXX </b>6/30/14<b>Example </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR</b><br/><b>COST WOULD BE:</b><b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR</b><br/><b>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>60228410<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>937602083708386020837083860193338760<b>The Fund&#8217;s Main Investment Strategy</b><b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b><b>Example</b>60599199193650350This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.33882062046149760123813922615906022841093746149261590609999193350350338620620<b>JPMorgan Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Morgan/MJMXX</b>76012381392<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>The Fund&#8217;s Objective</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.<b>Fees and Expenses of the Fund</b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>The Fund&#8217;s Main Investment Strategy</b><b>Example</b>Under normal conditions, the Fund invests primarily in municipal obligations, the income from which is exempt from both federal income tax and Michigan personal income tax. As a fundamental policy, the Fund will invest at least 80% of its Assets in such municipal securities. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Michigan personal income tax. Municipal obligations in which the Fund may invest are securities that are issued by the State of Michigan, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.<br/><br/>The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Michigan personal income tax.<br/><br/>The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax.<br/><br/>Up to 20% of the Fund&#8217;s total assets may be invested in non-Michigan municipal obligations, subject to Michigan personal income taxes, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<br/><br/>The Fund is non-diversified.This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>The Fund&#8217;s Main Investment Strategy </b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund&#8217;s net assets include borrowings by the Fund for investment purposes.<br/><br/>Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities.<br/><br/>The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax.<br/><br/>Up to 20% of the Fund&#8217;s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements.<br/><br/>The Fund is a money market fund managed in the following manner: <ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk. </li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/> Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.<br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks.<br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.<br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br/>There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to federal income tax, or may hold any portion of the Fund&#8217;s assets in cash.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Morgan Shares is based on the performance of Premier Shares prior to the inception of Morgan Shares. <br/><br/>To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><b>The Fund&#8217;s Main Investment Risks</b><b>ANNUAL FUND OPERATING EXPENSES<br/> (Expenses that you pay each year as a percentage of the value<br/> of your investment)</b><b>The Fund&#8217;s Main Investment Strategy</b>60193338760<b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and</li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities. The Fund may, however, invest less than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks</b>Under normal conditions, the Fund invests primarily in municipal obligations, the income from which is exempt from both federal income tax and Ohio personal income tax. As a fundamental policy, the Fund will invest at least 80% of its Assets in such municipal securities. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. <br /><br />For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Ohio personal income tax. Municipal obligations in which the Fund may invest are securities that are issued by the State of Ohio, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions. <br /><br />The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. <br /><br />In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Ohio personal income tax. <br /><br />The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax. <br /><br />Up to 20% of the Fund&#8217;s total assets may be invested in non-Ohio municipal obligations, subject to Ohio personal income taxes, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. <br /><br />The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br /><br />The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<br /><br />The Fund is non-diversified.<b>The Fund&#8217;s Main Investment Risks </b>60196343771Under normal conditions, the Fund invests its assets exclusively in:<ul type="square"><li>obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and</li><li>repurchase agreements fully collateralized by U.S. Treasury securities.</li></ul>The debt securities described above carry different interest rates, maturities and issue dates.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.<b>The Fund&#8217;s Main Investment Risks</b>Under normal conditions, the Fund invests its assets exclusively in:<ul type="square"><li>debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities, and</li><li>repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br /><br />The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance</b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Risk of Michigan Obligations. Because the Fund invests primarily in municipal obligations issued by the State of Michigan, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of Michigan&#8217;s Constitution that limit the taxing and spending authority of Michigan&#8217;s governmental entities may impair the ability of Michigan issuers to pay principal and/or interest on their obligations. Additionally, Michigan is heavily dependent on the manufacturing sector and may be sensitive to economic problems affecting the sector.<br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.<br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks.<br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.<br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br/>There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash.<br/><br/>Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Michigan personal income taxes. Consult your tax professional for more information.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of Premier Shares is based on the performance of Investor Shares prior to the inception of the Premier Shares. The actual returns of Premier Shares would have been different than those shown because Premier Shares have different expenses than Investor Shares.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>YEAR-BY-YEAR RETURNS</b>Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br /><br />Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Risk of Ohio Obligations. Because the Fund invests primarily in municipal obligations issued by the State of Ohio, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of Ohio&#8217;s Constitution that limit the taxing and spending authority of Ohio&#8217;s governmental entities may impair the ability of Ohio issuers to pay principal and/or interest on their obligations. Additionally, Ohio is heavily dependent on the manufacturing sector and may be sensitive to economic problems affecting the sector.<br /><br />Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br /><br />Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br /><br />Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br /><br />In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments. <br /><br />There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br /><br />Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Ohio personal income taxes. Consult your tax professional for more information. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance</b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Mortgage-Related Securities Risk. Mortgage-related securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a <br />decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. <br />Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />State and Local Taxation Risk. The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Morgan Shares is based on the performance of Premier Shares prior to the inception of Morgan Shares.<br/><br/>To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>The bar chart shows how the performance of the Fund&#8217;s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance</b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Morgan Shares is based on the performance of Premier Shares prior to the inception of Morgan Shares.<br/><br/>To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.1-800-480-41116/30/14www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class B Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Morgan Shares is based on the performance of Investor Shares prior to the inception of Morgan Shares.<br/><br/>The performance figures in the bar chart do not reflect any deduction for the contingent deferred sales charges, which are assessed on Class B Shares. If the sales charge were reflected, the performance figures would have been lower.<br/><br/>To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><b>YEAR-BY-YEAR RETURNS</b><b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q and 3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.80%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q and 3Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q 2006</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.20%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q and 2Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.The Fund&#8217;s year-to-date total return2013-03-31<b>AVERAGE ANNUAL TOTAL RETURNS</b><b><br/>(For periods ended December 31, 2012)</b><b>Best Quarter</b>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>Best Quarter</b>2007-06-30<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q and 3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.80%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.The bar chart shows how the performance of the Fund&#8217;s Class B Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-480-4111www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.81%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q and 3Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.The performance figures in the bar chart do not reflect any deduction for the contingent deferred sales charges, which are assessed on Class B Shares. If the sales charge were reflected, the performance figures would have been lower.<b>JPMorgan Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Premier/HTOXX </b><b>The Fund&#8217;s Objective </b>The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value <br/>of your investment)</b><b>JPMorgan U.S. Government Money Market Fund</b><br/><br/><b>Class/Ticker: Premier/OGSXX</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.46149261590<b>The Fund&#8217;s Main Investment Strategy </b><b>The Fund&#8217;s Objective </b>The Fund seeks high current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value<br/> of your investment)</b>Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund&#8217;s net assets include borrowings by the Fund for investment purposes.<br/><br/>Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. <br/><br/>The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax.<br/><br/>Up to 20% of the Fund&#8217;s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type = "square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>JPMorgan U.S. Treasury Plus Money Market Fund</b><br/><br/><b>Class/Ticker: Premier/PJTXX </b>The Fund seeks current income with liquidity and stability of principal.<b>The Fund&#8217;s Objective </b><b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.<br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks.<br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.<br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br/>There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to federal income tax, or may hold any portion of the Fund&#8217;s assets in cash.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/> Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Main Investment Risks </b><b>The Fund&#8217;s Past Performance </b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>The Fund&#8217;s Main Investment Strategy </b><b>JPMorgan Michigan Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Premier/WMIXX</b><b>The Fund&#8217;s Objective </b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.The Fund seeks as high a level of current interest income exempt from federal income tax and Michigan personal income tax as is consistent with capital preservation and stability of principal.6/30/14<b>Fees and Expenses of the Fund </b>Under normal conditions, the Fund invests its assets exclusively in:<ul type="square"><li>obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and</li><li>repurchase agreements fully collateralized by U.S. Treasury securities. </li></ul>The debt securities described above carry different interest rates, maturities and issue dates.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share. </li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </li><li>The Fund invests only in U.S. dollar-denominated securities. </li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>The Fund&#8217;s Main Investment Risks </b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>4614725757846<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/> COST WOULD BE:</b>147<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/> COST WOULD BE:</b>257578<b>The Fund&#8217;s Main Investment Strategy </b>46149261590<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br/><br/>Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of Premier Shares is based on the performance of Investor Shares prior to the inception of the Premier Shares. The actual returns of Premier Shares would have been different than those shown because Premier Shares have different expenses than Investor Shares.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</B><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b>46162<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="26%">&nbsp;</td> <td valign="bottom" width="3%">&nbsp;</td> <td width="26%">&nbsp;</td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 1px;">4Q 2006</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right"><b>1.23%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 1px;">2Q, 3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap">1Q, 2Q, 3Q and 4Q 2010</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td></tr> <tr><td valign="top">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap">1Q, 2Q, 3Q and 4Q 2011</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td></tr> <tr><td valign="top">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap">1Q, 2Q, 3Q and 4Q 2012</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr></table> <p style="margin-top: 8px; margin-bottom: 0px;">The Fund&#8217;s year-to-date total return as of 3/31/13 was&nbsp;0.00%. </p>28865746162<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>288657<b>JPMorgan Ohio Municipal Money Market Fund<br/><br/>Class/Ticker: Premier/OGOXX</b><b>The Fund&#8217;s Main Investment Strategy </b><b>The Fund&#8217;s Objective </b>The Fund seeks as high a level of current interest income exempt from federal income tax and Ohio personal income tax as is consistent with capital preservation and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>Under normal conditions, the Fund invests primarily in municipal obligations, the income from which is exempt from both federal income tax and Michigan personal income tax. As a fundamental policy, the Fund will invest at least 80% of its Assets in such municipal securities. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Michigan personal income tax. Municipal obligations in which the Fund may invest are securities that are issued by the State of Michigan, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.<br/><br/>The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Michigan personal income tax.<br/><br/>The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax.<br/><br/>Up to 20% of the Fund&#8217;s total assets may be invested in non-Michigan municipal obligations, subject to Michigan personal income taxes, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<br/><br/>The Fund is non-diversified.<b>The Fund&#8217;s Main Investment Risks </b><b>The Fund&#8217;s Main Investment Risks </b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>Under normal conditions, the Fund invests its assets exclusively in: <ul type="square"><li>debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities, and</li><li>repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities. </li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.6/30/144614725757846The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related Securities Risk. Mortgage-related securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>State and Local Taxation Risk. The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>147257578Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Risk of Michigan Obligations. Because the Fund invests primarily in municipal obligations issued by the State of Michigan, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of Michigan&#8217;s Constitution that limit the taxing and spending authority of Michigan&#8217;s governmental entities may impair the ability of Michigan issuers to pay principal and/or interest on their obligations. Additionally, Michigan is heavily dependent on the manufacturing sector and may be sensitive to economic problems affecting the sector.<br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.<br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks.<br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.<br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br/>There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash.<br/><br/>Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Michigan personal income taxes. Consult your tax professional for more information.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMunicipalMoneyMarketFundPREMIERSHARES column period compact * ~</div>
The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMunicipalMoneyMarketFundPREMIERSHARES column period compact * ~</div>
Past performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMunicipalMoneyMarketFundPREMIERSHARES column period compact * ~</div>
<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMunicipalMoneyMarketFundPREMIERSHARESBarChart column period compact * ~</div>
The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMunicipalMoneyMarketFundPREMIERSHARES column period compact * ~</div>
Past performance is not necessarily an indication of how the Fund will perform in the future.<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>Under normal conditions, the Fund invests primarily in municipal obligations, the income from which is exempt from both federal income tax and Ohio personal income tax. As a fundamental policy, the Fund will invest at least 80% of its Assets in such municipal securities. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Ohio personal income tax. Municipal obligations in which the Fund may invest are securities that are issued by the State of Ohio, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.<br/><br/>The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Ohio personal income tax.<br/><br/>The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax.<br/><br/>Up to 20% of the Fund&#8217;s total assets may be invested in non-Ohio municipal obligations, subject to Ohio personal income taxes, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<br/><br/>The Fund is non-diversified.<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr><td valign="top"><b>Best Quarter</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="3"><p style="margin-top: 0px; margin-bottom: 1px;">2Q&nbsp;and&nbsp;3Q&nbsp;2007</p></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0.84%</b></td><td nowrap="nowrap" valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr><td valign="top"><b>Worst&nbsp;Quarter</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="3"><p style="margin-top: 0px; margin-bottom: 1px;">1Q, 2Q&nbsp;and&nbsp;3Q&nbsp;2010</p></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0.00%</b></td><td nowrap="nowrap" valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr><td valign="top"></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="3">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr><tr><td valign="top"></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="3">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">4Q&nbsp;2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.23%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q&nbsp;and&nbsp;4Q&nbsp;2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q and 2Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</p></td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.The Fund&#8217;s year-to-date total return2013-03-31<b>Best Quarter</b><b>Best Quarter</b>2007-09-302007-06-30<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2012-03-312011-12-312011-09-302011-03-312010-06-302010-03-312011-06-302010-09-302012-06-302012-09-302012-12-31<b>YEAR-BY-YEAR RETURNS</b><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Risk of Ohio Obligations. Because the Fund invests primarily in municipal obligations issued by the State of Ohio, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of Ohio&#8217;s Constitution that limit the taxing and spending authority of Ohio&#8217;s governmental entities may impair the ability of Ohio issuers to pay principal and/or interest on their obligations. Additionally, Ohio is heavily dependent on the manufacturing sector and may be sensitive to economic problems affecting the sector.<br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.<br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks.<br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.<br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br/>There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash.<br/><br/>Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Ohio personal income taxes. Consult your tax professional for more information.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Main Investment Strategy</b><b>The Fund&#8217;s Main Investment Risks </b><b>Best Quarter</b>2006-12-31Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.2009-09-302009-12-312010-03-312010-06-302011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.The Fund&#8217;s year-to-date total return2013-03-31Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance</b>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<b>YEAR-BY-YEAR RETURNS</b>1-800-766-7722The Fund&#8217;s year-to-date total return2013-03-31<b>Best Quarter</b>2006-12-31<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-06-302009-09-302009-12-312010-03-312010-06-302010-09-302010-12-312011-12-312011-09-302011-06-302011-03-312012-03-312012-06-302012-09-302012-12-31<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="26%">&nbsp;</td> <td valign="bottom" width="3%">&nbsp;</td> <td width="26%">&nbsp;</td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 1px;">2Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right"><b>0.84%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="margin-top: 0px; margin-bottom: 1px;">1Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap">2Q, 3Q and 4Q 2011</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td></tr> <tr><td valign="top">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap">1Q, 2Q, 3Q and 4Q 2012</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td></tr> <tr><td valign="top">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td></tr></table> <p style="margin-top: 8px; margin-bottom: 0px;">The Fund&#8217;s year-to-date total return as of 3/31/13 was&nbsp;0.00%. </p><b>Best Quarter</b>Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund&#8217;s year-to-date total return<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.GovernmentMoneyMarketFundPREMIERSHARES column period compact * ~</div>
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2013-03-312007-06-30<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2010-03-312011-06-302011-09-302011-12-31<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2012-03-312012-06-302012-09-302012-12-31<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.GovernmentMoneyMarketFundPREMIERSHARES column period compact * ~</div>
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Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2Q and 3Q 2007</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.84%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td> </tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">4Q 2009</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> </tr> <tr> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom">1Q 2010</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"></td> </tr> <tr> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom">2Q, 3Q and 4Q 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"></td> </tr> <tr> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom">1Q, 2Q and 3Q 2012</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"></td> </tr> </table> <br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.TreasuryPlusMoneyMarketFundPREMIERSHARES column period compact * ~</div>
4618433376946184333769<b>Best Quarter</b><b>Best Quarter</b>2007-06-302007-09-306/30/14<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><b>JPMorgan Liquid Assets Money Market Fund</b><br/><br/><b>Class/Ticker: Institutional/IJLXX </b><b>The Fund&#8217;s Objective </b>The Fund seeks current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value<br/> of your investment)</b>2009-12-312010-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-30<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>22811463372281146337<b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type = "square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and </li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner:<ul type = "square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li> The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities. The Fund may, however, invest less than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. <br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.TreasuryPlusMoneyMarketFundPREMIERSHARESBarChart column period compact * ~</div>
<b>YEAR-BY-YEAR RETURNS</b>The Fund&#8217;s year-to-date total return2013-03-31<b>Best Quarter</b>2007-09-30<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b >2011-12-312011-09-302011-06-302010-03-31<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>6/30/14The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganOhioMunicipalMoneyMarketFundPREMIERSHARES column period compact * ~</div>
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The Fund&#8217;s year-to-date total return2013-03-31<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMichiganMunicipalMoneyMarketFundPREMIERSHARESBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMichiganMunicipalMoneyMarketFundPREMIERSHARES column period compact * ~</div>
<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse;"><tr><td valign="bottom">Best Quarter</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">3Q 2007</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>1.33%</b></td><td nowrap="nowrap" valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr><td valign="bottom">Worst&nbsp;Quarter</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><p style="margin-top: 0px; margin-bottom: 1px;">1Q 2010</p></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0.02%</b></td><td nowrap="nowrap" valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr><td valign="top"></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><p style="margin-top: 0px; margin-bottom: 1px;">2Q, 3Q and 4Q 2011</p></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.02%.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Morgan Shares is based on the performance of Capital Shares prior to the inception of Morgan Shares. <br /><br />To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>The bar chart shows how the performance of the Fund&#8217;s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.Past performance is not necessarily an indication of how the Fund will perform in the future.1-800-480-4111www.jpmorganfunds.com<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.26%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q and 3Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>YEAR-BY-YEAR RETURNS</b>6/30/14The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.60196343771<b>Best Quarter</b>2006-12-31<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b>6/30/14The Fund&#8217;s year-to-date total return2013-03-31Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-480-4111www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.<b>Best Quarter</b>2007-09-30The Fund&#8217;s year-to-date total return2013-03-31<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-12-312010-03-312010-06-302010-09-302011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-03-312009-06-302009-09-302009-12-312010-03-312010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<b>AVERAGE ANNUAL TOTAL RETURNS <br/>(For periods ended December 31, 2012)</b>2006-12-31The Fund&#8217;s year-to-date total return2013-03-31<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganLiquidAssetsMoneyMarketFund column period compact * ~</div>
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<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganLiquidAssetsMoneyMarketFund column period compact * ~</div>
2012-09-302012-06-302012-03-312011-09-302011-06-302011-03-312010-03-312009-12-312009-09-302010-06-302011-12-312012-12-31<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganLiquidAssetsMoneyMarketFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganLiquidAssetsMoneyMarketFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganLiquidAssetsMoneyMarketFund column period compact * ~</div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q 2006</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.10%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>Best Quarter</b><b>Best Quarter</b>2007-06-302007-09-30<b>JPMorgan Liquid Assets Money Market Fund</b><br/><br/><b>Class/Ticker: Morgan/MJLXX; B/OPBXX; C/OPCXX</b>The Fund&#8217;s year-to-date total return<b>The Fund&#8217;s Objective </b>2013-03-31The Fund seeks current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-12-312010-03-312010-06-302010-09-302011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>6/30/14<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and</li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br /><br />The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities. The Fund may, however, invest less than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders.<br /><br />The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing. <br /><br />Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class B Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Morgan Shares is based on the performance of Investor Shares prior to the inception of Morgan Shares. <br /><br />The performance figures in the bar chart do not reflect any deduction for contingent deferred sales charges, which are assessed on Class B Shares. If the sales charge were reflected, the performance figures would have been lower. <br /><br />To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Class B Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-480-4111www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.13%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q and 3Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>Best Quarter</b>2007-09-30The Fund&#8217;s year-to-date total return2013-03-31<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganLiquidAssetsMoneyMarketFundPREMIERSHARES column period compact * ~</div>
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2009-06-302009-09-302009-12-312010-03-312010-06-302010-09-302011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganLiquidAssetsMoneyMarketFundPREMIERSHARES column period compact * ~</div>
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<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2007-06-302007-09-302010-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-3160599199<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>196652352<b>Worst Quarter</b>34382462477112491403<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.TreasuryPlusMoneyMarketFund column period compact * ~</div>
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<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.GovernmentMoneyMarketFund column period compact * ~</div>
609999196352352343624624771124914036/30/14<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.GovernmentMoneyMarketFund column period compact * ~</div>
Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.GovernmentMoneyMarketFundBarChart column period compact * ~</div>
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Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.GovernmentMoneyMarketFund column period compact * ~</div>
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMunicipalMoneyMarketFund column period compact * ~</div>
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The bar chart shows how the performance of the Fund&#8217;s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-480-4111www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>Worst Quarter</b>2009-06-30<b>The Fund&#8217;s Main Investment Risks </b>The performance figures in the bar chart do not reflect any deduction for contingent deferred sales charges, which are assessed on Class B Shares. If the sales charge were reflected, the performance figures would have been lower.<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganOhioMunicipalMoneyMarketFund column period compact * ~</div>
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<b>JPMorgan Liquid Assets Money Market Fund</b><br/><br/><b>Class/Ticker: Reserve/HPIXX</b><b>The Fund&#8217;s Objective </b>The Fund seeks current income with liquidity and stability of principal.<b>JPMorgan U.S. Treasury Plus Money Market Fund<br/><br/>Class/Ticker: Reserve/HTIXX</b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>The Fund&#8217;s Objective </b>The Fund seeks current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>6/30/14<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>72228399893<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>JPMorgan U.S. Treasury Plus Money Market Fund</b><br/><br/><b>Class/Ticker: Institutional/IJTXX</b><b>The Fund&#8217;s Objective </b>The Fund seeks current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.72<b>The Fund&#8217;s Main Investment Strategy </b>226394882<b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests its assets exclusively in:<ul type="square"><li>obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and</li><li>repurchase agreements fully collateralized by U.S. Treasury securities.</li></ul> The debt securities described above carry different interest rates, maturities and issue dates.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li> The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li> The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Institutional Class Shares is based on the performance of Investor Shares prior to the inception of the Institutional Class Shares. The actual returns of Institutional Class Shares would have been different than those shown because Institutional Class Shares have different expenses than Investor Shares.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>72<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>2263948826/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and</li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner: <ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities. The Fund may, however, invest less than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q, 2006</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.29%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q, 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Under normal conditions, the Fund invests its assets exclusively in:<ul type="square"><li>obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and</li><li>repurchase agreements fully collateralized by U.S. Treasury securities.</li></ul>The debt securities described above carry different interest rates, maturities and issue dates.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.The Fund&#8217;s year-to-date total returnInvestments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.2013-03-31<b>The Fund&#8217;s Past Performance </b><b>Best Quarter</b>2006-12-31<b>The Fund&#8217;s Main Investment Risks </b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-12-312010-03-312011-03-312011-06-302011-09-302011-12-312012-06-302012-03-312012-09-302012-12-31This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.20%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q and 3Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>YEAR-BY-YEAR RETURNS</b>2279141326The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>2279141326This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><b>Best Quarter</b>2007-09-30<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q 2006</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.17%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-09-302009-12-312010-03-312010-06-302010-09-302011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><b>Best Quarter</b>2006-12-31<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-03-312009-06-302009-09-302009-12-312010-03-312010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31The Fund&#8217;s year-to-date total return2013-03-31<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.TreasuryPlusMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.TreasuryPlusMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.TreasuryPlusMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.TreasuryPlusMoneyMarketFundINSTITUTIONALBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.TreasuryPlusMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<b>JPMorgan Michigan Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Reserve/PEMXX</b><b>The Fund&#8217;s Objective </b>The Fund seeks as high a level of current interest income exempt from federal income tax and Michigan personal income tax as is consistent with capital preservation and stability of principal.<b>Fees and Expenses of the Fund </b><b>Fees and Expenses of the Fund</b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>726/30/14228<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.399<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>893<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>72241425959<b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests primarily in municipal obligations, the income from which is exempt from both federal income tax and Michigan personal income tax. As a fundamental policy, the Fund will invest at least 80% of its Assets in such municipal securities. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. <br /><br />For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Michigan personal income tax. Municipal obligations in which the Fund may invest are securities that are issued by the State of Michigan, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions. <br /><br />The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. <br /><br />In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Michigan personal income tax. <br /><br />The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax. <br /><br />Up to 20% of the Fund&#8217;s total assets may be invested in non-Michigan municipal obligations, subject to Michigan personal income taxes, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. <br /><br />The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. <br /><br />The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. <br /><br />The Fund is non-diversified.72<b>The Fund&#8217;s Main Investment Risks </b>241The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Risk of Michigan Obligations. Because the Fund invests primarily in municipal obligations issued by the State of Michigan, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of Michigan&#8217;s Constitution that limit the taxing and spending authority of Michigan&#8217;s governmental entities may impair the ability of Michigan issuers to pay principal and/or interest on their obligations. Additionally, Michigan is heavily dependent on the manufacturing sector and may be sensitive to economic problems affecting the sector. <br /><br />Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br /><br />Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br /><br />Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br /><br />In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments. <br /><br />There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br /><br />Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Michigan personal income taxes. Consult your tax professional for more information. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>425Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.959Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722<b>JPMorgan Ohio Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Reserve/HOIXX</b>Past performance is not necessarily an indication of how the Fund will perform in the future.<b>The Fund&#8217;s Objective </b><b>YEAR-BY-YEAR RETURNS</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q and 3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.78%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q and 3Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.The Fund seeks as high a level of current interest income exempt from federal income tax and Ohio personal income tax as is consistent with capital preservation and stability of principal.The Fund&#8217;s year-to-date total return2013-03-31<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.TreasuryPlusMoneyMarketFundRESERVESHARES column period compact * ~</div>
72<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>261<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.TreasuryPlusMoneyMarketFundRESERVESHARES column period compact * ~</div>
466<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.TreasuryPlusMoneyMarketFundRESERVESHARES column period compact * ~</div>
6/30/141057<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.TreasuryPlusMoneyMarketFundRESERVESHARESBarChart column period compact * ~</div>
<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.TreasuryPlusMoneyMarketFundRESERVESHARES column period compact * ~</div>
<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>722614661057<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests primarily in municipal obligations, the income from which is exempt from both federal income tax and Ohio personal income tax. As a fundamental policy, the Fund will invest at least 80% of its Assets in such municipal securities. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. <br /><br />For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Ohio personal income tax. Municipal obligations in which the Fund may invest are securities that are issued by the State of Ohio, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions. <br /><br />The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. <br /><br />In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Ohio personal income tax. <br /><br />The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax. <br /><br />Up to 20% of the Fund&#8217;s total assets may be invested in non-Ohio municipal obligations, subject to Ohio personal income taxes, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. <br /><br />The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. <br /><br />The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. <br /><br />The Fund is non-diversified.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Risk of Ohio Obligations. Because the Fund invests primarily in municipal obligations issued by the State of Ohio, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of Ohio&#8217;s Constitution that limit the taxing and spending authority of Ohio&#8217;s governmental entities may impair the ability of Ohio issuers to pay principal and/or interest on their obligations. Additionally, Ohio is heavily dependent on the manufacturing sector and may be sensitive to economic problems affecting the sector. <br /><br />Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br /><br />Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br /><br />Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br /><br />In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments. <br /><br />There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br /><br />Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Ohio personal income taxes. Consult your tax professional for more information. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q and 3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.77%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.The Fund&#8217;s year-to-date total return2013-03-31<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><b>Best Quarter</b><b>Best Quarter</b>2007-06-302007-09-30<b>Best Quarter</b><b>Best Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2007-06-302007-09-302009-09-302010-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2011-06-302011-09-302011-12-312012-03-312012-06-302012-09-30<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-06-302009-09-302009-12-312010-03-31<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganOhioMunicipalMoneyMarketFundRESERVESHARES column period compact * ~</div>
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<b>JPMorgan Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Reserve/OGIXX</b><b>The Fund&#8217;s Objective </b>The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>The Fund&#8217;s year-to-date total returnThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.2013-03-31<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR</b><br/><b>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR</b><br/><b>COST WOULD BE:</b>7222839989372228399893<b>Worst Quarter</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund&#8217;s net assets include borrowings by the Fund for investment purposes. <br /><br />Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. <br /><br />The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. <br /><br />For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br /><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. <br /><br />The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax. <br /><br />Up to 20% of the Fund&#8217;s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. <br /><br />The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. <br /><br />The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br /><br />Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br /><br />Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br /><br />In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br />There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b><b>JPMorgan U.S. Government Money Market Fund<br/><br/>Class/Ticker: Reserve/RJGXX</b><b>YEAR-BY-YEAR RETURNS</b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>The Fund&#8217;s Objective </b>The Fund seeks high current income with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q and 3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.77%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q and 3Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>JPMorgan Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Institutional/IJMXX</b><b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>The Fund&#8217;s Objective</b>The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund&#8217;s net assets include borrowings by the Fund for investment purposes.<br/><br/>Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities.<br/><br/>The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>The Fund may invest up to 100% of its assets in municipal obligations that produce income subject to the federal alternative minimum tax.<br/><br/>Up to 20% of the Fund&#8217;s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities. </li><li>The Fund will only buy securities that present minimal credit risk. </li></ul> The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.<br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks.<br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.<br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br/>There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to federal income tax, or may hold any portion of the Fund&#8217;s assets in cash.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support.<br/><br/>Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Institutional Class Shares is based on the performance of Premier Shares prior to the inception of Institutional Class Shares. The actual returns of Institutional Class Shares would have been different than those shown because Institutional Class Shares have different expenses than Premier Shares. <br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>YEAR-BY-YEAR RETURNS</b>6/30/14The Fund&#8217;s year-to-date total returnAlthough the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.2013-03-31<b>Example </b>2281146337<b>JPMorgan U.S. Government Money Market Fund<br/><br/>Class/Ticker: Institutional/IJGXX </b><b>The Fund&#8217;s Objective </b>The Fund seeks high current income with liquidity and stability of principal.2281146337<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>The Fund&#8217;s Main Investment Strategy </b><b>The Fund&#8217;s Past Performance </b><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Best Quarter</b><b>Best Quarter</b>2007-06-302007-09-30<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-09-302009-12-312010-03-312010-06-302010-09-302011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-3172226394882<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.GovernmentMoneyMarketFundRESERVESHARES column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.GovernmentMoneyMarketFundRESERVESHARES column period compact * ~</div>
2009-09-302009-12-312010-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-30The Fund&#8217;s year-to-date total return2013-03-312279141326<b>The Fund&#8217;s Main Investment Strategy </b>6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.Under normal conditions, the Fund invests its assets exclusively in:<ul type="square"><li>debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities, and</li><li>repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li> The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund&#8217;s year-to-date total return2013-03-31<b>Best Quarter</b><b>Best Quarter</b>2007-06-302007-09-301-800-766-7722<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2012-03-312012-09-302012-12-31Past performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMunicipalMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMunicipalMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMunicipalMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q and 3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.90%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.02%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td></tr></table>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.01%.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMichiganMunicipalMoneyMarketFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMichiganMunicipalMoneyMarketFund column period compact * ~</div>
72226<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMichiganMunicipalMoneyMarketFund column period compact * ~</div>
394882<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMichiganMunicipalMoneyMarketFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMichiganMunicipalMoneyMarketFund column period compact * ~</div>
The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related Securities Risk. Mortgage-related securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>State and Local Taxation Risk. The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>2279141326<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Institutional Class Shares is based on the performance of Capital Shares prior to the inception of the Institutional Class Shares.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.Under normal conditions, the Fund invests its assets exclusively in:<ul type="square"><li>debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities, and</li><li>repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q 2006</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.30%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMunicipalMoneyMarketFundRESERVESHARES column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMunicipalMoneyMarketFundRESERVESHARES column period compact * ~</div>
<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMunicipalMoneyMarketFundRESERVESHARES column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMunicipalMoneyMarketFundRESERVESHARESBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMunicipalMoneyMarketFundRESERVESHARES column period compact * ~</div>
<b>YEAR-BY-YEAR RETURNS</b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related Securities Risk. Mortgage-related securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk: Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>State and Local Taxation Risk. The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.6/30/14The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of Reserve Shares is based on the performance of Capital Shares prior to the inception of the Reserve Shares.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund&#8217;s year-to-date total return2013-03-31<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q 2006</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.17%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><b>Worst Quarter</b></p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q and 2Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td><td valign="bottom"></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>Best Quarter</b>2006-12-31The Fund&#8217;s year-to-date total return2013-03-31The bar chart shows how the performance of the Fund&#8217;s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-06-302009-09-302009-12-312010-03-312010-06-302011-06-302011-03-312011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<b>YEAR-BY-YEAR RETURNS</b><b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.GovernmentMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.GovernmentMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.GovernmentMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.GovernmentMoneyMarketFundINSTITUTIONALBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.GovernmentMoneyMarketFundINSTITUTIONAL column period compact * ~</div>
<b>The Fund&#8217;s Main Investment Risks </b><b>Best Quarter</b>2006-12-31<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2010-03-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of the Institutional Class Shares is based on the performance of Investor Shares prior to the inception of the Institutional Class Shares. The actual returns of Institutional Class Shares would have been different than those shown because Institutional Class Shares have different expenses than Investor Shares.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.6/30/14The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results among those issuing the securities.0.00080.0010.00590.00350.00240.00080.0010.00770.0050.00350.00150.00590.0068-0.00090.005900000.050.010.00080.00080.00080.0010.00750.00750.00430.00330.00330.00080.00390.00350.00250.00250.00080.00080.00080.00080.0030.0010.00090.00430.00610.01160.0116-0.0002-0.0019-0.00190.00970.00590.00970.00470.0008-0.00020.00450.00350.0061-0.00020.00590.00080.0010.00440.00350.00090.00620.005900.00380.00770.01110.00960.02830.04670.04990.02730.00310.00020.00010.00010.00260.00530.02220.04050.04010.009100.0001000.0050.00650.01880.02930-0.05-0.010.03150.01730.00090.00040.0024-0.00220.00180.00010.00010.01380.01190.01190.00010.00380.01090.00490.00660.01860.0290.03130.01680.00240.00050.0003000.00010.00610.01720.00810.00080.00390.0030.0009-0.00020.00450.00470.00080.00380.0030.00080.0046-0.00010.00450.00710.00840.02040.03060.03290.01890.00270.0001000.00080.0030.00150.004500.00430.0120.0053-0.00080.00450.00080.00550.0030.00250.00630.00450.00080.00380.0030.00080.0046-0.00010.00450.00820.00630.01010.00790.02860.04660.02030.04830.03080.02150.0330.00110.01870.00020.00010.001800.00040.00010.00010.00660.00830.02660.04590.04550.0130.00010.00010000.00260.014500.00840.0084000000000000.00010.00420.01190.0123000000000000000.012300000000000000000.00450.016300.00630.0080.02010.03050.03270.01820.00350.00050.000300.00840000000000.00450.01190.00840.00840.00080.00190.0010.0009000000000.0027-0.00060.00210.00770.00960.02830.04930.05250.02980.00550.00140.00090.00150.00020.01330.00020.00020.00020.00020.00150.00780.0188-0.0018000.00420.01530.01100.00570.00710.01890.02920.03140.01750.00160.00010.0126000000000000000000000000000000000.0040.0110.00650.00850.02650.04510.04680.02010.00050.00020.000100.01200000000000000.0080.008000000000000000000.050.010.00080.00080.00080.0010.00750.00750.00440.00340.00340.00350.00250.00250.00090.00090.00090.00620.01170.0117-0.0003-0.002-0.0020.00590.00970.00970.01130000000000000000.00180.00450.02350.04130.04450.0220.00080.00020.00010.00010.0080.00800000000-0.00030.0001-0.0499-0.00990.00570.00060.00460.01640.01370.01370-0.00180.00080.00250.00390.0030.00090.00720.007-0.00020.00080.00250.00380.0030.00080.0071